Stumptown Coffee bought by Peet’s

Published 12:00 am Tuesday, October 6, 2015

Stumptown Coffee Roasters is being bought by San Francisco ‘s Peet’s Coffee & Tea, it was revealed Tuesday.

Portland entrepreneur and tastemaker Duane Sorenson’s shop and roaster, which put Portland on the specialty coffee map, is currently majority owned by TSG Consumer Partners LLC.

The companies issued a joint release:

Stumptown…will continue to operate independently while having full access to Peet’s resources and scale. Peet’s will continue to pursue its own growth strategy, operating “as is” across its retail cafes, wholesale and grocery channels. Terms of the transaction were not disclosed.”

“Stumptown’s journey has been about creating a coffee experience that surpasses all expectations,” Sorenson said in the same release. “I’m excited and confident that Peet’s will continue to support our journey in a way that uniquely reflects who we are.”

Stumptown, founded in 1999…operates 10 stores across Portland, Seattle, New York and Los Angeles. Stumptown is one of the early pioneers of the cold brew coffee movement and has a superior position in this fast-growing category with its diverse line of ready-to-drink beverages.

“It is with great enthusiasm that we welcome Stumptown to the Peet’s family,” said Dave Burwick, president and CEO of Peet’s Coffee & Tea. “Stumptown is an innovative leader in premium and cold brew coffee, and we’re excited to support and further elevate their presence while extending their reach to more consumers.”